Goldminer Newcrest has become the latest resource major to shelve growth plans in favour of cash generation in a weaker commodities market. Brokers have substantially dropped forecasts.
Phillip Capital reviews Australian economic data and moves in stock, currency and gold markets.
Jonathan Barratt of Barratt’s Bulletin sees gold suppoted as physical purchases from central banks offset paper market selling. Opportunities are also presenting in platinum and palladium.
Wall Street tumbled last night on weaker data and a stubborn fear of Fed tapering. Dow down 216. (Accessible only for subscribers before 10:15 AEST)
Hawkish Fedspeak sent Wall Street tumbling last night, but the buyers never miss an opportunity. Dow down 76. (Accessible only for subscribers before 10:15 AEST)
A raft of mixed global manufacturing data, the ongoing Japanese slide, more Fed-speak, a bounce in commodity prices and a big bounce in the Aussie make for more confusion. Dow up 138. (Accessible only for subscribers before 10:15 AEST)
A continuation of subdued growth is expected in 2013. Base metals, coal, gas and oil prices are expected to remain soft.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
Wall Street rallied last night on a weaker GDP result, implying a delayed Fed exit. Dow up 21. (Accessible only for subscribers before 10:15 AEST)
Gold is either overvalued or undervalued and as always, it is difficult pick either one or the other.